State law requires new homeowners and anyone else named as holding an interest in real property to file a Preliminary Change of Ownership Report (PCOR) with the County Recorder's Office at the time of recording any deed. Typically, it is filled out in escrow and accompanies the deed when recorded. Information which the new owner furnishes on this form will assist the Assessor to determine whether or not there is a reassessable change in ownership; and if so, the fair market value of the property.

Sacramento: BOE-502-A - REV.14 (5-18) for 2019

Preliminary Change Of Ownership Report

BOE-502-A:

ADDITIONAL INFORMATION

Please answer all questions in each section, and sign and complete the certification before filing. This form may be used in all 58 California counties. If a document evidencing a change in ownership is presented to the Recorder for recordation without the concurrent filing of a Preliminary Change of Ownership Report, the Recorder may charge an additional recording fee of twenty dollars ($20).

NOTICE: The property which you acquired may be subject to a supplemental assessment in an amount to be determined by the County Assessor. Supplemental assessments are not paid by the title or escrow company at close of escrow, and are not included in lender impound accounts. You may be responsible for the current or upcoming property taxes even if you do not receive the tax bill.

NAME AND MAILING ADDRESS OF BUYER: Please make necessary corrections to the printed name and mailing address. Enter Assessor's Parcel Number, name of seller, buyer's daytime telephone number, buyer's email address, and street address or physical location of the real property.

NOTE: Your telephone number and/or email address is very important. If there is a question or a problem, the Assessor needs to be able to contact you.

MAIL PROPERTY TAX INFORMATION TO: Enter the name, address, city, state, and zip code where property tax information should be mailed. This must be a valid mailing address.

PRINCIPAL RESIDENCE: To help you determine your principal residence, consider (1) where you are registered to vote, (2) the home address on your automobile registration, and (3) where you normally return after work. If after considering these criteria you are still uncertain, choose the place at which you have spent the major portion of your time this year. Check YES if the property is intended as your principal residence, and indicate the date of occupancy or intended occupancy.

DISABLED VETERAN: If you checked YES, you may qualify for a property tax exemption. A claim form must be filed and all requirements met in order to obtain the exemption. Please contact the Assessor for a claim form.

PART 1: TRANSFER INFORMATION

If you check YES to any of these statements, the Assessor may ask for supporting documentation.

C,D,E, F:

If you checked YES to any of these statements, you may qualify for a property tax reassessment exclusion, which may allow you to maintain your property's previous tax base. A claim form must be filed and all requirements met in order to obtain any of these exclusions. Contact the Assessor for claim forms. NOTE: If you give someone money or property during your life, you may be subject to federal gift tax. You make a gift if you give property (including money), the use of property, or the right to receive income from property without expecting to receive something of at least equal value in return. The transferor (donor) may be required to file Form 709, Federal Gift Tax Return, with the Internal Revenue Service if they make gifts in excess of the annual exclusion amount.

G:

Check YES if the reason for recording is to correct a name already on title [e.g., Mary Jones, who acquired title as Mary J. Smith, is granting to Mary Jones]. This is not for use when a name is being removed from title.

H:

Check YES if the change involves a lender, who holds title for security purposes on a loan, and who has no other beneficial interest in the property.

"Beneficial interest" is the right to enjoy all the benefits of property ownership. Those benefits include the right to use, sell, mortgage, or lease the property to another. A beneficial interest can be held by the beneficiary of a trust, while legal control of the trust is held by the trustee.

I:

A "cosigner" is a third party to a mortgage/loan who provides a guarantee that a loan will be repaid. The cosigner signs an agreement with the lender stating that if the borrower fails to repay the loan, the cosigner will assume legal liability for it.

M:

This is primarily for use when the transfer is into, out of, or between legal entities such as partnerships, corporations, or limited liability companies. Check YES only if the interest held in each and every parcel being transferred remains exactly the same.

N:

Check YES only if property is subject to subsidized low-income housing requirements with governmentally imposed restrictions; property may qualify for a restricted valuation method (i.e., may result in lower taxes).

O:

If you checked YES, you may qualify for a new construction property tax exclusion. A claim form must be filed and all requirements met in order to obtain the exclusion. Contact the Assessor for a claim form.

PART 2: OTHER TRANSFER INFORMATION

A:

The date of recording is rebuttably presumed to be the date of transfer. If you believe the date of transfer was a different date (e.g., the transfer was by an unrecorded contract, or a lease identifies a specific start date), put the date you believe is the correct transfer date. If it is not the date of recording, the Assessor may ask you for supporting documentation.

B:

Check the box that corresponds to the type of transfer. If OTHER is checked, please provide a detailed description. Attach a separate sheet if necessary.

C:

If this transfer was the result of an inhertiance following the death of the property owner, please complete a Change in OwnershipStatement, Death of Real Property Owner, form BOE-502-D, if not already filed with the Assessor’s office.

PART 3: PURCHASE PRICE AND TERMS OF SALE

It is important to complete this section completely and accurately. The reported purchase price and terms of sale are important factors in determining the assessed value of the property, which is used to calculate your property tax bill. Your failure to provide any required or requested information may result in an inaccurate assessment of the property and in an overpayment or underpayment of taxes.

A:

Enter the total purchase price, not including closing costs or mortgage insurance.

“Mortgage insurance” is insurance protecting a lender against loss from a mortgagor’s default, issued by the FHA or a private mortgage insurer.

B:

Enter the amount of the down payment, whether paid in cash or by an exchange. If through an exchange, exclude the closing costs.

“Closing costs” are fees and expenses, over and above the price of the property, incurred by the buyer and/or seller, which include title searches, lawyer’s fees, survey charges, and document recording fees.

C:

Enter the amount of the First Deed of Trust, if any. Check all the applicable boxes, and complete the information requested.

A “balloon payment” is the final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment.

D:

Enter the amount of the Second Deed of Trust, if any. Check all the applicable boxes, and complete the information requested.

E:

If there was an assumption of an improvement bond or other public financing with a remaining balance, enter the outstanding balance,and mark the applicable box.

An “improvement bond or other public financing” is a lien against real property due to property-specific improvement financing, such as green or solar construction financing, assessment district bonds, Mello-Roos (a form of financing that can be used by cities, counties and special districts to finance major improvements and services within the particular district) or general improvement bonds, etc. Amounts for repayment of contractual assessments are included with the annual property tax bill.

F:

Enter the amount of any real estate commission fees paid by the buyer which are not included in the purchase price.

G:

If the property was purchased through a real estate broker, check that box and enter the broker’s name and phone number. If theproperty was purchased directly from the seller (who is not a family member of one of the parties purchasing the property), check the“Direct from seller” box. If the property was purchased directly from a member of your family, or a family member of one of the parties whois purchasing the property, check the “From a family member” box and indicate the relationship of the family member (e.g., father, aunt,cousin, etc.). If the property was purchased by some other means (e.g., over the Internet, at auction, etc.), check the “OTHER” box andprovide a detailed description (attach a separate sheet if necessary).

H:

Describe any special terms (e.g., seller retains an unrecorded life estate in a portion of the property, etc.), seller concessions (e.g.,seller agrees to replace roof, seller agrees to certain interior finish work, etc.), broker/agent fees waived (e.g., fees waived by thebroker/agent for either the buyer or seller), financing, buyer paid commissions, and any other information that will assist the Assessor indetermining the value of the property.

PART 4: PROPERTY INFORMATION

Check YES if personal, business property or incentives are included in the purchase price in Part 3. Examples of personal or businessproperty are furniture, farm equipment, machinery, etc. Examples of incentives are club memberships (golf, health, etc.), ski lift tickets,homeowners’ dues, etc. Attach a list of items and their purchase price allocation. An adjustment will not be made if a detailed list is notprovided.

C:

Check YES if a manufactured home or homes are included in the purchase price. Indicate the purchase price directly attributableto each of the manufactured homes. If the manufactured home is registered through the Department of Motor Vehicles in lieu of beingsubject to property taxes, check NO and enter the decal number.

D:

Check YES if the property was purchased or acquired with the intent to rent or lease it out to generate income, and indicate the sourceof that anticipated income. Check NO if the property will not generate income, or was purchased with the intent of being owner-occupied.

E:

Provide your opinion of the condition of the property at the time of purchase. If the property is in “fair” or “poor” condition, include abrief description of repair needed.

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